Keeping Massachusetts strong and competitive requires the following:

• Strategic investments in sectors that will make Massachusetts a global leader, such as life sciences and climate tech

• Supporting arts and culture as an economic driver

• Creating a business-friendly climate so businesses will want to locate and expand 

• Creating more housing opportunities and workforce development to attract and retain talent
  

Strategic Investments

Life Sciences -  I support building on both Massachusetts' reputation as a global leader in life sciences and the Administration’s proposal for a 10-year investment of $1 billion to support Massachusetts life sciences companies, the expansion of the tax credit program, and the reauthorization of programs supported by the Massachusetts Life Sciences Center. In Newton, we are home to biotech and life science companies, and these further investments at the state level, can help support these businesses.

Climate Tech - I support building on Massachusetts' reputation as a climate leader and the Administration’s proposal for a 10-year investment of $1 billion in the climate tech sector by investing in the Massachusetts Clean Energy Center, funding capital projects, and developing tax incentive and tax credit programs for clean energy production.

Supporting Arts and Culture

Arts and Culture are an economic driver for the state. The Creative Collective reports that in 2021, the arts and culture sector accounted for 4.2% of the state’s economy, comprising 135,181 jobs and $27.2 billion. It is clear that investing in our creative and cultural sectors not only brings in revenue for the state, but also adds to the vibrancy of our cities and towns. 

I support efforts to create a cultural district along Washington Street. Cultural districts enable cities and towns to expand their tax base and support the growth of their cultural sector. Communities can apply to the Mass Cultural Council for designation and if approved, these cultural districts would be eligible for grant funding.

Creating a Business Friendly Climate

Creating conditions for businesses to thrive is essential to building a strong MA economy. Businesses are often faced with high costs and regulations that make it difficult to succeed. In recognizing these challenges, we need to be mindful of the regulations and policies we impart on businesses, particularly as we move forward to address the climate crisis. The State must partner with our business community to ensure they have access to support - both technical and financial assistance. The State must also continue to review its tax policy as well as address the high cost of living.

Attracting and Retaining Residents

Several recent studies indicate that Massachusetts is seeing a decline in population. The studies identified two age groups that are leaving: those between age 25-44 and those between age 55-64. They also identified that these groups were mostly white and middle to high-income earners. The Boston Indicator’s report in particular suggests that the biggest decline in population leaving MA are those between age 25-44, and that the majority who have left between 2006 and 2022 were white and middle- and high-income earners. While no one reason was attributed to the decline, high cost of housing and work in specialized fields were considered. In addition, the Questrom School of Business Outmigration Study also indicates that the largest age group leaving Massachusetts is in the 26-35 age range. Recently released IRS data confirms the findings of these studies and indicates that Massachusetts is in fifth place behind California, New York, Illinois, and New Jersey in terms of residents leaving their respective states and taking their talent and wealth with them to Florida, Texas, South Carolina, Tennessee and North Carolina. The Questrom Study also indicates that most of the lost Adjusted Gross Income comes from those aged 55-64, and that more than half the people who leave earn close to double the state average per year. According to the study, income tax, health care costs, and housing costs are the largest drivers of outmigration.

This outmigration significantly impacts both our tax revenue and our economic growth. Loss of young talent decreases our ability to attract and retain businesses. Loss of middle and high income earners and retirees leads to less tax revenue and spending for our local economy.

Stemming the tide of out migration of our potential workforce should include:

• Partnering with higher education institutions and vocational/technical schools to create internship programs and a pipeline for job opportunities for their graduates

• Workforce development programs, particularly in the sectors of life sciences and climate tech
  

Stemming the tide of out migration of both our young people and middle-high income earners and retirees should include:

• Continued review of our tax structure - states like Florida and Texas do not have estate taxes or capital gains taxes

• Creating more mixed income housing opportunities

• Controlling rising healthcare costs